Gas prices. Everyone complains about them but no one does anything about them. It's an emotional issue, but is it caused by competition or collusion?
According to WKU Distinguished Professor of Economics, Dr. Brian Goff, it's competition.
He told Wednesday's meeting of the Bowling Green Noon Rotary Club, in the 1980's a-billion-and-a-half Chinese people rode bicycles. Now they drive cars, which drives up the price of gas to all of us.
"Beijing used to be full of bicycles," says Goff. "It's now full of automobiles. That's why the price was $1.00 a gallon in 1998. The reason it's so much, the main reason it's higher today is because people in those countries are driving automobiles, and that's not gonna get less. That's gonna get more."
Goff says the solution to higher gas prices is to drive a more fuel-efficient car.
